Kooth PLC - London-based provider of digital mental health care - Notes a 13% fall in its share price on Thursday following the release of an article by San Francisco-based health policy news provider KFF. Kooth says the article contains ‘outdated information’ on its California service that ‘underestimated the uptake and impact of Soluna in California’. Soluna is Kooth’s mental health support app designed for users aged 13-25. Shares closed at 192.00 pence each in London on Thursday, down from 220.00p each at the market open.
Kooth says its contract in California has not changed since it was announced in July 2023 and remains valued at $188 million over a four-year period. It emphasises Soluna is ‘already demonstrating its impact’ in California, and reiterates its full-year guidance for 2024 and 2025, though it doesn’t on Friday specify what that forecast is.
Current stock price: 166.33 pence, down 5.5% in London on Friday afternoon
12-month change: down 45%
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